FINWIRES · TerminalLIVE
FINWIRES

Market Chatter: BP Set to Become Operator of Babek Gas Field in Azerbaijan

By

BP (BP) will become operator of Azerbaijan's offshore Babek natural gas field under an agreement expected to be announced with state energy company SOCAR on June 1, Reuters reported Thursday, citing three unnamed sources.

The Babek field is estimated to contain around 400 billion cubic meters of natural gas and 80 million tonnes of condensate, according to the report.

The project is currently part of a SOCAR-led unit but will become a separate development operated by BP, Reuters reported.

BP did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Related Articles

Equities

ShaMaran Petroleum Completes Primary Listing Change to Oslo

ShaMaran Petroleum (SNM.ST) completed its corporate continuance, changing its primary listing to Bermuda from Canada, according to a Thursday release.The oil and gas company's shares have been delisted from the TSX Venture Exchange in Toronto, and are expected to start trading on the Euronext Growth Oslo under the ticker SNM, starting June 5.The company plans a retail share offering of 1 million euros, equivalent to Norwegian kroner, to satisfy the listing criteria.

$SNM.ST
Equities

BP's Former Chairman Albert Manifold Denies Allegations Surrounding Ouster

BP's (BP) former chairman, Albert Manifold, has rejected allegations leveled against him during his tenure at the oil and exploration giant, CNBC reported Thursday.BP's board on Tuesday announced the removal of Manifold due to "serious concerns" about governance standards, oversight, and conduct.In a response issued on Thursday, Manifold said that while he does accept the board's decision to remove him as chairman, he did not accept "that lies can be told about me, nor that anyone should be allowed to hide behind anonymity when commenting on my time at bp," the news report said."We note the comments of our former chair. We stand by the statement we have made. We have a duty of care to all our employees, particularly those impacted by his behavior," a BP spokesperson said in an e-mailed comment.

$BP
Equities

TotalEnergies, Stellantis Renew, Expand Engine Oil Partnership

TotalEnergies (TTE) and Stellantis (STLA) have renewed and expanded their partnership in Europe to develop and deliver engine oils and lubricants, the companies said Thursday.Financial details of the renewal and expansion were not disclosed.The new agreement, originally renewed in 2021 for the Peugeot, Citroen Opel, DS Automobiles, and Vauxhall brands, now also includes additional Stellantis brands: Fiat, Jeep, Lancia, Alfa Romeo, and Abarth, the companies said.The partnership encompasses research & development, motorsports collaboration, after-sales services, and environmental sustainability, the companies said.

$TTE